& All & Fees & Local & Central \\
 \cmidrule(lr{0.5em}){3-5} 
 & (1) & (2) & (3) & (4) \\ \midrule
\hspace{0.1cm} Registered ($\beta^{OLS})$&     0.19\sym{***}&    -0.01         &     0.02         &     0.19\sym{***}\\
                &   (0.05)         &   (0.01)         &   (0.03)         &   (0.05)         \\
\midrule
\hspace{0.1cm} $\widehat{\text{Registered}}$ ($\beta^{IV})$&     0.53         &    -0.05         &    -0.19         &     0.74         \\
                &   (0.67)         &   (0.44)         &   (0.51)         &   (0.74)         \\
                &   [0.32]         &   [0.92]         &   [0.80]         &   [0.18]         \\
\midrule DV Mean&     0.17         &     0.04         &     0.04         &     0.12         \\
FS F-statistic  &      4.4         &      4.4         &      4.4         &      4.4         \\
\midrule
$\rho$(Wealth, DV)&     0.37&     0.05&     0.20&     0.43\\
\midrule
Observations    &      779&      779&      779&      779\\
